Company Registration No. NI641003 (Northern Ireland)
Drin Wind Limited
Unaudited accounts
for the period from 1 November 2019 to 30 June 2020
Drin Wind Limited
Unaudited accounts
Contents
Drin Wind Limited
Company Information
for the period from 1 November 2019 to 30 June 2020
Directors
Mr William Laugharne Morgan
Mr Karl Philip Devon-Lowe
Company Number
NI641003 (Northern Ireland)
Registered Office
UNIT 410 MOAT HOUSE
54 BLOOMFIELD AVENUE
BELFAST
BT5 5AD
NORTHERN IRELAND
Drin Wind Limited
Statement of financial position
as at
30 June 2020
Tangible assets
607,141
625,679
Creditors: amounts falling due within one year
(29,117)
(101,884)
Net current assets
62,385
8,482
Total assets less current liabilities
669,526
634,161
Creditors: amounts falling due after more than one year
-
(588,306)
Provisions for liabilities
Net assets
615,616
45,855
Called up share capital
1
1
Profit and loss account
42,940
45,854
Shareholders' funds
615,616
45,855
For the period ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 June 2021 and were signed on its behalf by
Mr William Laugharne Morgan
Director
Company Registration No. NI641003
Drin Wind Limited
Notes to the Accounts
for the period from 1 November 2019 to 30 June 2020
Drin Wind Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI641003. The registered office is UNIT 410 MOAT HOUSE, 54 BLOOMFIELD AVENUE, BELFAST, BT5 5AD, NORTHERN IRELAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The financial statements have been prepared on a going concern basis as the Directors believe there will be sufficient cash to continue operations for the foreseeable future.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the generation of electricity. Turnover from the generation of electricity is recognised when the electricity generated has been exported to the grid.
Tangible fixed assets comprise directly attributable costs in acquiring assets including finance costs and professional fees where appropriate.
Individual fixed assets costing more than £1,000 are capitalised at cost.
Depreciation has been provided on a systematic basis in order to write off plant and machinery over the estimated useful economic life of 25 years. The directors will also consider whether assets should be subject to an impairment review.
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised as transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Drin Wind Limited
Notes to the Accounts
for the period from 1 November 2019 to 30 June 2020
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities, other future taxable profits or by way of group relief.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight-line basis over the lease term.
Expenses are recognised in the Statement of Comprehensive Income on an accruals basis in the period in which they are incurred.
The Accounting date of the Company has been changed to 30 June in order to bring it in line with its parent Company.
4
Tangible fixed assets
Plant & machinery
Cost or valuation
At cost
At 1 November 2019
695,156
At 1 November 2019
69,477
Charge for the period
18,538
At 31 October 2019
625,679
Drin Wind Limited
Notes to the Accounts
for the period from 1 November 2019 to 30 June 2020
5
Debtors: amounts falling due within one year
2020
2019
Amounts due from group undertakings etc.
55,307
-
Accrued income and prepayments
36,195
70,697
6
Creditors: amounts falling due within one year
2020
2019
Amounts owed to group undertakings and other participating interests
2,903
16,761
Taxes and social security
11,931
264
7
Creditors: amounts falling due after more than one year
2020
2019
Other creditors
-
588,306
8
Transactions with related parties
During the period the Company lent to Wind Renewables Income Holdco 2 Ltd, a related party, in order to provide funding for working capital, on an interest-free basis, unsecured and repayable on demand. The balance outstanding at 30 June 2020 is £55,307, (2019: £nil).
During the period the Company borrowed from Windmills No. 3 Ltd, a related party, in order to provide funding for working capital, on an interest-free basis, unsecured and repayable on demand. The balance outstanding at 30 June 2020 is £13, (2019: £16,761 payable to Windmills No. 3. Ltd).
During the period the Company borrowed from Wind Renewables Income Fund, a related party, in order to provide funding for working capital, on an interest-free basis, unsecured and repayable on demand. The balance outstanding at 30 June 2020 is £231 (2019: £nil).
Amounts owed to group undertakings and other participating interests include intercompany management fees owed to Wind Renewables Income Fund. The management fees for the year total £2,659, (2019: £nil) of which all remained outstanding as at 30 June 2020, (2019: £nil).
No adjustment has been made to reflect the value of any interest free loans at present value as, in the opinion of the Directors, this would not have any material affect on the financial statements.
The directors of the Company have waived their directors fees.
The controlling party is Windmills No 3 Limited.
The ultimate controlling party of the Company is Wind Renewables Income Fund.
Drin Wind Limited
Notes to the Accounts
for the period from 1 November 2019 to 30 June 2020
10
Post balance sheet events
There have been no significant events since the end of the reporting period.
11
Average number of employees
During the period the average number of employees was 0 (2019: 0).